It’s no small thing that Everledger, the pioneer in so-called digital provenance tracking, has embraced Oracle’s blockchain technology as its own.
Everledger’s blockchain-based platform is trusted by many industries including diamonds, colored gemstones, fine wine, and art. The ability to transparently track the provenance and lifetime journey of assets as they move across global supply chains is especially critical for high value goods. These industries are more susceptible than most to theft, fraud and counterfeit – in the diamond industry alone, fraud events cost the insurance industry millions of dollars a year.
Leanne Kemp, Founder and CEO of Everledger says, “With an increasing consumer consciousness and a vocal demand for transparency, our work is focused on engaging entire business ecosystems to provide consumers the ability to make fully informed purchasing decisions. It is thus key for us to enable the ease of systems interaction and provide value add to our customers.”
According to Kemp, by including Oracle Blockchain Platform in its offering, Everledger can offer its customers more innovative products and solutions, in particular with improved time to market for business intelligence reporting solutions.
“Oracle’s comprehensive enterprise-grade offering will open our customers to realizing more from our blockchain-based platform and crystalize value from the data in their own systems,” she says.
Some of the new capabilities of Oracle Blockchain Platform are deemed critical by Everledger in the integration of its blockchain-based platform with customers’ existing business and IT systems. As blockchain becomes an important data store in the enterprise, the Oracle Blockchain Platform enables users to capture blockchain transaction history and current state data for analytics as well as integrate it with other data sources.
“Our longstanding goal has been to help customers to manage, protect, analyze and use the world’s data for the benefit of all. Being able to work with innovative companies like Everledger is an amazing opportunity. We look forward to helping both the company itself further its innovations in tracking and tracing the authenticity of some of the world’s most precious items, but also helping those in the ecosystem link key data sources for wider benefit,” said Frank Xiong, group vice president, Blockchain Product Development, Oracle.
The key elements of note include:
- Database access – Data is an integral part of blockchain. With much of the world’s data resident in Oracle systems, the use of Oracle Blockchain Platform to seamlessly link to those repositories will enable these same customers to leverage both their existing data stores and data on the Everledger blockchain.
- Analytics – Oracle Blockchain Platform’s ability to connect to the rich histories stored in an organisation’s existing database means that Everledger can seamlessly enable analytics integration for highly visual interactive dashboards and reports.
- Monitoring of network health, transaction rates, and other statistics, and other elements of blockchain administration/configuration, are made easier by enhanced REST APIs, which also simplify integration with existing enterprise IT tools.
- Out of the box plug and play capabilities from the Oracle Blockchain Platform makes it not only easy for Everledger to get off the ground, but will also easier for deployment.
- Developer tools – Additionally, the query tools for Oracle Blockchain Platform link into things like smart contract support standard SQL-based ledger queries, enabling organisations to leverage the skill sets their developers already have, thereby reducing the complexity of developing chaincode and boosting performance.